Chapter 11

Question 1

When is a perspective buyer or seller to receive the agency disclosure brochure

Answer 1

First substantial business contact

Question 2

What is the purpose of the buyer or seller signing the agency disclosure brochure?

Answer 2

To acknowledge receiving the brochure

Question 3

If a buyer is a customer and not a client, what duties must the agent extend to the customer?

Answer 3

Disclose adverse material facts

Question 4

An exclusive buyer representation agreement will do what

Answer 4

Create a legally binding contract

Question 5

A real estate agent would be classified with what type of agency

Answer 5

Special

Question 6

The Idaho broker representation act was created to identify obligations between the consumer and the

Answer 6

Real estate agent

Question 7

How many types of agency can be practiced in Idaho?

Answer 7

Four

Question 8

Signing the agency disclosure brochure establishes what kind of agency relationship

Answer 8

None

Question 9

Where is the confirmation of an agency relationship contained?

Answer 9

In the purchase and sale agreement

Question 10

What is the primary difference between a customer and client?

Answer 10

Maintain confidentiality

Question 11

When a buyer signs a representation agreement who is the client relationship with

Answer 11

The real estate brokerage

Question 12

When can limited dual agency with assigned agent be used?

Answer 12

Only one written consent of all clients in a transaction

Question 13

A signed and dated record of a buyer or seller receipt of the agency disclosure brochure is kept by who

Answer 13

Each brokerage

Question 14

Each party not represented by a brokerage is classified as what

Answer 14

A customer not a client

Question 15

Non-agent refers to working with or assisting a buyer or seller as a

Answer 15

Customer

Question 16

Who cannot act as an assigned limited, dual agent

Answer 16

A designated broker

Question 17

An agent is working with a buyer client who makes an offer on another company’s listing. The agent is practicing as what.

Answer 17

Single agency

Question 18

The practice of real estate and representation in Idaho is based on what

Answer 18

Idaho statutory law

Question 19

A transaction closed and the agent represented the buyer as a client. when does confidentiality terminate

Answer 19

Extends beyond termination until information becomes generally known in community

Question 20

Adverse material facts must be disclosed to who

Answer 20

Both customer and client